The Malta Bankers’ Association (MBA) recently organised a half-day conference on Cyber Risk in the banking industry aimed at enhancing awareness on this risk with the aim of improving its effective governance in credit institutions.
Over 100 participants attended the conference, which kicked off with a welcome address by MBA Chair and CEO of APS Bank plc, Marcel Cassar.
“The management of cyber risk in banks is much more than an IT discussion,” said Mr Cassar. “We know from experience that the five most efficient cyber defenders are basic to any risk management solution. They are: Anticipation, Education, Detection, Reaction and Resilience.”
He added that it is critical for all relevant stakeholders not only to protect our banks and financial systems from the risk of cybercrime but also to be aware of the linkages with other technologies and channels that may compound the systemic risk.
Daniela Bagnaschi, Head of Data Management and Business Intelligence at the MFSA, went on to draw ties between the MFSA’s vision and plans for risk mitigation in the cyber space, and elaborated on the crucial aspects of the triad comprising People, Process and Technology, as well as its impact on the cyber resilience framework of regulated entities.
Interesting presentations were also delivered, among others, by Daniel German, Information Security Officer at the Central Bank of Malta; Sandra Saliba, Senior Analyst, Securities and Markets Supervision at the MFSA; Daniele Frasca, Director, Cyber Risk Services Deloitte in Milan, Italy; Nancy Masschelein, Head of Section of Methodology and Data Management DG III at the ECB; and Alexandra Maniati, Head of Cybersecurity & Innovation at the EBF.